Tenth year of growth for Nottingham software firm
Revenues and profits at Nottingham-based software firm Ideagen has soared for the year-ending 30 April.
Sales at the firm, which is based in Ruddington, increased by almost 30% to £46.7m over the year, while profit before tax was up 26% to £12.2m.
Ideagen made three acquisitions during the year, snapping up US firm InspectionXpert, Morgan Kai and Scannell Solutions.
The results come just months after Ideagen announced its global expansion plans with the launch of four Centre of Excellence sites – including new offices in Raleigh, North Carolina, and Kuala Lumpur, Malaysia. Its other two sites include its operational HQ in Nottingham and its office in Glasgow.
Ben Dorks, chief executive of Ideagen, said: “The Group’s focus this year was on the execution and delivery of our growth strategy, both organically and through acquisitions, whilst continuing the transition to a SaaS-based business model.
“We are pleased to report that we have achieved our objectives this year, significantly increasing the Group’s global footprint, particularly in the US, and delivered another year of strong revenue and profit growth, underpinned by excellent cash generation.
“Trading since the year end has remained robust and we continue to see strong demand for our products from new potential customers.
“The acquisition of Redland post the period end has further enhanced the Group’s portfolio of products and growing recurring revenues.
“Furthermore, the repeat business derived from more than 4,000 customers, provides the Board with confidence in the prospects for the Group for the current year and beyond.”